• Australia’s economy takes sharpest dive since 1930s

    Australia’s economy takes sharpest dive since 1930s

    Australia’s economy suffered its sharpest economic contraction since the Great Depression due to the pandemic, with data released Wednesday confirming the country is in its first recession in 28 years. The economy shrank 7 percent in June, the biggest contraction since records began in 1959, the government reported. Prime Minister Scott Morrison told Parliament: “This …
  • UK GDP takes record 20.4 percent plunge as COVID-19 roils economy

    UK GDP takes record 20.4 percent plunge as COVID-19 roils economy

    The British economy suffered a massive contraction from April to June as the coronavirus pandemic plunged the UK into its worst recorded recession, officials said. The country’s gross domestic product plummeted by 20.4 percent in the second quarter, the biggest decline since officials there started keeping quarterly records in 1955, the Office for National Statistics …
  • Coronavirus recession started in February, US panel says

    Coronavirus recession started in February, US panel says

    The US entered a recession in February as the coronavirus slammed the brakes on the nation’s longest economic expansion, the National Bureau of Economic Research said Monday. The declaration from the influential panel of experts makes official what workers and investors have known for months: The pandemic sparked a historic economic downturn that unfolded at …
  • Coronavirus may lead to worst global recession since Great Depression: IMF

    Coronavirus may lead to worst global recession since Great Depression: IMF

    The coronavirus pandemic will plunge the global economy into its worst recession since the Great Depression, the International Monetary Fund predicted Tuesday. The fund expects the world economy to contract by 3 percent in 2020 as measures meant to stop the virus freeze economic activity around the world. That’s a much steeper drop than 2009, …
  • IMF: Chinese virus recession may be worse than financial crisis

    IMF: Chinese virus recession may be worse than financial crisis

    The coronavirus pandemic could strike a bigger blow to the global economy than the financial crisis did a decade ago, the International Monetary Fund warned. The IMF expects the economy to enter a “recession at least as bad as during the global financial crisis or worse” this year as the virus spreads around the world, …
  • Can’t we dip into our retirement money at a reduced tax rate?

    Can’t we dip into our retirement money at a reduced tax rate?

    Dear John: I have been following you for over 25 years. Is there any chance the proposal that you wrote in 2004 about dipping into retirement money at a reduced tax rate could now be passed? It would stimulate the economy and generate tax revenue. In my humble opinion, we could be heading into a …
  • Chinese virus has sent US into ‘brutal’ recession, Bank of America warns

    Chinese virus has sent US into ‘brutal’ recession, Bank of America warns

    The US economy has fallen into a recession because of the Chinese virus pandemic that will make for a “brutal” three months ahead, Bank of America warned Thursday. The bank expects the nation’s gross domestic product to plunge a record 12 percent in the second quarter of this year after meager growth of 0.5 percent …
  • Chines virus recession: How bad it could get and what it means

    Chines virus recession: How bad it could get and what it means

    The Chinese virus pandemic may have already thrust the economy into a recession by bringing some of its most vital parts to a screeching halt, experts say. The crisis has caused a swift slowdown in economic activity across the US and the world. Restaurants and bars have scaled back service or closed altogether. Airlines have …